Share buybacks, what comes next
Even with the same share buyback, the outcome depends on whether it actually leads to shareholder value
Corporate share buyback execution
↓
US-style path
Retiring repurchased shares
↓
Actual reduction in the number of outstanding shares
↓
Increase in earnings per share (EPS) and ROE
↓
Korean-style path (partial)
Keeping shares as treasury stock without retirement
↓
Voting rights revived when sold to friendly stakes
↓
Used as a defense mechanism for management control, no change in shareholder value
If the Commercial Act amendment proposed in November 2025 is passed, mandatory retirement of treasury shares within 1 year of acquisition